Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning.
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 1: stories we're following today.
Speaker 2: Karen, Oil is on the rise as Middle East tensions escalate.
Speaker 2: Israel's military has begun moving civilians out of Rafa. It
Speaker 2: is a potential prelude to a long expected attack on
Speaker 2: the Gaza city. We get more from Bloomberg senior reporter
Speaker 2: Henry Mayer.
Speaker 3: What we know is that the Israeli army has been
Speaker 3: dropping leaflets to residents. In total, we're talking about one
Speaker 3: hundred thousand people, also sending text messages, recorded voice messages
Speaker 3: and through media announcements telling these people that they have
Speaker 3: to evacuate from this area eastern part of Rafa. And
Speaker 3: obviously this is the long, long expected, long anticipated announcement
Speaker 3: by Israel which could lead to an actual offensive on
Speaker 3: this city.
Speaker 2: Bloomberg's Henry Mayor says the move comes after ceasefire talks
Speaker 2: between Hamas and Israel in Cairo over the weekend seem
Speaker 2: to stall. As we mentioned, oil is on the rise
Speaker 2: and checking crud right now, West Texas Intermediate is up
Speaker 2: one point one percent. Trading just shy of seventy nine
Speaker 2: dollars a barrel well.
Speaker 1: Nathan will Israel moves closer to an attack on RAFA.
Speaker 1: Protests continue on college campuses as commencement ceremonies begin. About
Speaker 1: seventy five demonstrators wave Palestinian flags and enchanted a slogans
Speaker 1: at the University of Michigan ceremony in New York. Columbia
Speaker 1: University has cleared out protesters ahead of its graduation on
Speaker 1: May fifteenth. Mayor Eric Adams is promising to keep things
Speaker 1: safe for the ceremony.
Speaker 4: If the institutions decide to graduate their students to celebrate
Speaker 4: a beautiful experience with their families, we'll make.
Speaker 5: Sure it is done in a peaceful manner.
Speaker 1: Mayor Adams spoke on ABC's This Week Heard Sundays on
Speaker 1: Bloomberg Radio and Karen.
Speaker 2: Members of Congress are weighing in as well. Democratic Senator
Speaker 2: John Fetterman says the protesters should be demonstrating against Tomas.
Speaker 6: These kind of protests haven't been helpful and ironically they
Speaker 6: are actually working against peace.
Speaker 2: But Democratic Congressman Rocana says the demonstrator's message deserves to
Speaker 2: be heard.
Speaker 7: They're telling us that over thirty thousand people have died.
Speaker 7: It's time for this war to end. It's time for
Speaker 7: the hostages to be released that AMAS has, and they
Speaker 7: want to see leadership in America and around the world.
Speaker 7: This is not the world that they want.
Speaker 2: Congressman Conna and Senator Fetterman where guests on CBS's Face
Speaker 2: the Nation, which can also be heard Sundays on Bloomberg Radio.
Speaker 1: Well, turning to markets, now, Nathan Cash is king for
Speaker 1: the Oracle of Omaha. We're in Buffett's Berkshire Hathaway's cash
Speaker 1: pile increased to our record one hundred and eighty nine
Speaker 1: billion dollars at the end of the first quarter. Now
Speaker 1: on the equity side, Buffett trimmed his holdings of Apple.
Speaker 1: Berkshire reported a one hundred and thirty five billion dollars
Speaker 1: stake in the iPhone maker at the end of the
Speaker 1: first quarter. That's almost forty billion dollars less than the
Speaker 1: end of last year.
Speaker 8: We will have Apple as our largest investment. But I
Speaker 8: don't mind at all under current conditions building the cash position.
Speaker 8: I think when I look at the alternative what's available
Speaker 8: in the equity markets, and I look at the composition
Speaker 8: of what's going on in the world. We find it
Speaker 8: quite attractive.
Speaker 1: Warren Buffett says, unless something changes dramatically, Apple will remain
Speaker 1: it's the largest investment. Berkshire also sold its position in
Speaker 1: Paramount Global at a loss.
Speaker 2: And this week Karen wall Street is looking at lots
Speaker 2: more earnings and fed speak. We get a preview from
Speaker 2: Bloomberg's Charlie Pellett.
Speaker 9: We've heard from eighty percent of S and P five
Speaker 9: hundred companies. Stocks of reclaim the fifty one hundred mark
Speaker 9: after a batch of bettle than expected earnings. Dan Suzuki
Speaker 9: is Deputy Chief investment Officer at Richard Bernstein Advisors. I
Speaker 9: think it's really earnings growth and fundamentals, kind of plain
Speaker 9: old boring stuff, and that's what's improving.
Speaker 2: That's what Scott long momentum. And importantly, it's not that
Speaker 2: it's just improving, but it's broadening out.
Speaker 9: Disney and Uber will be in focus this week, along
Speaker 9: with Airbnb, Anheuser Busch, InBev, Armholdings, Occidental Petroleum, and Ubs
Speaker 9: in New York. Charlie Pellet, Bloomberg Radio, All right.
Speaker 1: Charlie, thanks well. Next week's US inflation print looms is
Speaker 1: key for the trajectory of equities and wagers on FED
Speaker 1: interest rate cuts is according to Morgan Stanley strategist Mike
Speaker 1: Wilson says the price reaction on the back of the
Speaker 1: release may be more important than the data itself.
Speaker 2: Well, this morning, Karen, We've got plenty of c suite
Speaker 2: news to get you caught up on. Bloomberg News has
Speaker 2: learned Credit Swiss CEO Olrick Kerner is set to leave
Speaker 2: Ubs in the coming weeks after the completion of the
Speaker 2: merger of the two former Swiss rivals. Kerner had been
Speaker 2: brought into CEO in July of twenty twenty two to
Speaker 2: try to turn the ailing firm around. Combination of the
Speaker 2: two banks holding company these means the Credit Swie chief
Speaker 2: executive role will become obsolete.
Speaker 5: Well.
Speaker 1: Former Starbucks chief executive Howard Schultz is urging the coffee
Speaker 1: chain to own its shortcomings and fixed operations following its
Speaker 1: biggest sales miss in years. In a post on the LinkedIn,
Speaker 1: Schultz wrote, quote, at any company that missus badly, there
Speaker 1: must be contrition and renewed focus and discipline on the core.
Speaker 1: Starbucks shares plummeted after sales dropped this month for the
Speaker 1: first time since the early days of Covid in twenty twenty, and.
Speaker 2: Karen, Twitter founder Jack Dorsey has left the board of
Speaker 2: Blue Sky. That's the social networking service that he helped
Speaker 2: fund and popularize a year ago. In the wake of
Speaker 2: regret over the sale of Twitter to Elon Musk. Relations
Speaker 2: may be warming between Dorsey and Musk. Dorsey calls the
Speaker 2: company now known as x Freedom Technology.
Speaker 1: And Nathan that price of Morning Joe may keep going up.
Speaker 1: Robust to coffee prices have climbed to the highest level
Speaker 1: in forty five years. A supply crunch has intensified for
Speaker 1: the variety used in espresso, blends and instant drinks. When
Speaker 1: it's time now for a look at some of the
Speaker 1: other stories making news in New York and around the world,
Speaker 1: and for that we're joined by Bloomberg's Michael Barr Michael,
Speaker 1: Good Morning.
Speaker 10: Good Morning, Karen. After multiple bomb threats at synagogues across
Speaker 10: Manhattan over the weekend, Senate majority lever Chuck Schumer announced
Speaker 10: the new four hundred million dollar funding package he says
Speaker 10: is now available to boost security and safety at synagogues, mosques,
Speaker 10: and churches.
Speaker 4: The second I heard about the threats, your heart sinks.
Speaker 4: You hope it's a hoax, and in this case, thank
Speaker 4: god it was, but that doesn't negativize the fear, the
Speaker 4: trauma when synagogues and other houses of worship have to
Speaker 4: be evacuated.
Speaker 10: Three New York City synagogues and the Brooklyn Museum received
Speaker 10: bomb threats. Former President Donald Trump's criminal hush money trying
Speaker 10: resumes today in New York. Prosecutors alleged Trump tried to
Speaker 10: suppress negative news coverage to influence the outcome of the
Speaker 10: twenty sixteen election. Hope Hicks will probably return to the
Speaker 10: witness stand today for further cross examination. House Minority Leader
Speaker 10: Hakim Jeffries says Democrats effectively have been governing as if
Speaker 10: we were in the majority. After Republican OWL Speaker Mike
Speaker 10: Johnson worked with Democrats to pass a foreign aid bill,
Speaker 10: GOP Representative Marjorie Taylor Green announced plans to remove Johnson
Speaker 10: as speaker. Jeffries says our view would traditionally be let
Speaker 10: the other side work out its own mess, but the
Speaker 10: New York Democrat went on to say, when that mess
Speaker 10: starts to impact the ability to do the job on
Speaker 10: behalf of the American people, then the responsible thing at
Speaker 10: that moment might be for us to make clear that
Speaker 10: we will not allow the extremists to throw the Congress
Speaker 10: and the country in the chaos.
Speaker 11: It's a difficult situation on the other side of the
Speaker 11: aisle because many of my Republican colleagues are more interested
Speaker 11: in creating chaos, dysfunction, and extremism for what purpose. That's
Speaker 11: a good question that has to be asked of them.
Speaker 10: Jeffrey spoke on CBS's sixty Minutes, which can be heard
Speaker 10: Sunday nights. I'm Bloomberg. Ninety nine to one in Washington.
Speaker 10: Interstate ninety five in Norwalk, Connecticut fully reopened the traffic
Speaker 10: in both the directions after a gasoline tanker truck burst
Speaker 10: into flames during a three vehicle crash last week. The
Speaker 10: fire damaged and overpass bridge, causing a complete shutdown. Global
Speaker 10: News twenty four hours a day and whenever you want
Speaker 10: it with the Bloomberg News Now. I'm Michael Barr, and
Speaker 10: this is Bloomberg.
Speaker 1: Karen sor Ry, Michael Barry, thank you time now for
Speaker 1: the Bloomberg Sports Update with John stash Hour.
Speaker 5: John, good morning, Good morning, Karen.
Speaker 6: Thirty years ago, the Rangers won the President's Trophy, won
Speaker 6: their first seven playoff games.
Speaker 5: And then won the Stanley Cup.
Speaker 6: This Rangers team also best regular season and they have
Speaker 6: now started the playoffs five and zero.
Speaker 5: We'll see about the Cup. Long way to go for that.
Speaker 6: But Game one at the Guarden with Carolina two early
Speaker 6: goals for me Becazavana Jet and the first period still
Speaker 6: wasn't over.
Speaker 12: Right point Paderen were to the head for Kriider in
Speaker 12: the middle, chut Check to Savanna Jeck tut Chick scores
Speaker 12: fit to tout Check hit top power play goal as
Speaker 12: a Rangers lead three to one.
Speaker 6: Sam roses with the call WEPN. Rangers hung on beight
Speaker 6: the Hurricanes four to three. The first round ended with
Speaker 6: Dallas's two to one Game seven win over Vegas. The
Speaker 6: defending Cup champs Blue two to nothing series lead. NBA
Speaker 6: first Round is now over Cleveland b Orlando one O
Speaker 6: six ninety four.
Speaker 5: Cans were down eleven at the half.
Speaker 6: Donovan Mitchell, who scored fifty points in the game six loss,
Speaker 6: scored thirty nine in the Game seven win. Nixon Pacers
Speaker 6: start their Round two series tonight. MSG Indiana won the
Speaker 6: regular season series two to one. Both the wins were
Speaker 6: by fourteen points. Sparse crowd at the stadium rainey Da
Speaker 6: game was shortened. Yankees beat Detroit five to two. Juan
Speaker 6: Soto once again the Big hit three run, go ahead
Speaker 6: double seventh and Ain't Aaron Judge homer in the first
Speaker 6: Yanks sweep the series. Met Scott swept at Tampa. Bay
Speaker 6: Rays walked it off bottom of the tenth, one, seven, sixth.
Speaker 6: They stole seven bases they wanted on Johnny de Luca
Speaker 6: two run triple after Randy or Rose Arena tied the
Speaker 6: game with a ninth inning two out homer off Edwin
Speaker 6: Diaz his first blown save. Red Sox won nine to
Speaker 6: two at Minnesota and in the Twins twelve game win streak.
Speaker 6: Giants last night lost five fourth Philadelphia. The Nationals beat.
Speaker 5: Toronto eleven nine.
Speaker 6: Dodgers beat the Brave Showy how Tony had four hits,
Speaker 6: two home runs. Taylor Pendrith took to Nelson Golf in
Speaker 6: Dallas his first PGA win.
Speaker 5: John stash I went Bloomberg Sports Kenny Nathan.
Speaker 13: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 13: and around the world on Bloomberg dot Com. And the
Speaker 13: Bloomberg Business app. This is Bloomberg day Break. Good morning,
Speaker 13: I'm Nathan Hager. We are getting ready for another busy
Speaker 13: week for earning. It's pretty light on the economic data
Speaker 13: calendar this week, but there is a raft of FED
Speaker 13: speakers that could keep investors busy as well.
Speaker 2: So let's get you set for this trading week ahead.
Speaker 2: We are joined now by Dennis Gartman, the chairman of
Speaker 2: the University of Akron and Doowment Investment Committee and the
Speaker 2: former publisher of the Gartment Letter. Dennis, Good morning, great
Speaker 2: to speak with you. I wonder if you think investors
Speaker 2: should be pricing geopolitical risk back into the market given
Speaker 2: the reports we're hearing about civilians getting cleared out of
Speaker 2: the southern Gaza city of Rafa and now Russian President
Speaker 2: Vladimir Putin ordering tactical nuclear drills the day before is inauguration.
Speaker 14: Very scary times. I'm afraid, and yes, I think you
Speaker 14: have to be pricing in geopolitical risk on a rather
Speaker 14: swift basis. There was talk over the weekend or ahead
Speaker 14: of the weekend that there would be a ceasefire talks,
Speaker 14: but they seem to have broken down in regarding Gaza
Speaker 14: and now we have gold breaking out to the upside.
Speaker 14: I think you have to be a long of the
Speaker 14: gold market, no question about that. And I think you
Speaker 14: have price in geopolitical risks. So that's the major topic
Speaker 14: of the day. We'll be talking later this week about
Speaker 14: the Bank of England, but for right now, geopolitical risk
Speaker 14: is the topic to jure, no question about that.
Speaker 2: What are you looking at in terms of a price
Speaker 2: level for gold?
Speaker 13: Right now?
Speaker 2: It's trading around twenty three hundred at the moment. There
Speaker 2: had been talking the past about three thousand as a
Speaker 2: potential gold level. Is that something you're looking at.
Speaker 14: I've been very bullish of gold for quite some period
Speaker 14: of time. Now, I'm not a gold bug. There are
Speaker 14: times when you are to be long of gold, there
Speaker 14: are times when you to be short of gold. There
Speaker 14: are times when you are to be neutral of gold.
Speaker 14: But this is a time you are to be bullish
Speaker 14: of gold, no question about it. And I think that
Speaker 14: one should be bullish of gold, predominantly in non US
Speaker 14: dollar terms, and particularly in terms of the dollar yen.
Speaker 14: I think we've got spot gold now going I think
Speaker 14: eventually to three thousand dollars an ounce, and I think
Speaker 14: that we've had intervention to stem the weakness of the
Speaker 14: dollar yen. But I think that's going to be proved
Speaker 14: to be fallacious. I've learned it when I traded for
Speaker 14: an exchange back in the nineteen seventies. The one thing
Speaker 14: I learned was that intervention to support a currency is
Speaker 14: usually usually fails. Intervention two weekend currency usually is. It works.
Speaker 14: The fact that the Bank of Japan came in two
Speaker 14: weeks ago to intervene against the dollar yen at one sixty,
Speaker 14: I think the next time we trade through one sixty,
Speaker 14: we're going to two hundred end of the dollar, maybe
Speaker 14: two d twenty five end of the dollar, which is
Speaker 14: where we traded dollar yen when I first began trading
Speaker 14: yen back in the nineteen seventies. So I think the
Speaker 14: dollar yen and you should be short of the end,
Speaker 14: long of dollars, you should be long of gold, short
Speaker 14: of dollars. That leaves you long of gold in yen terms.
Speaker 14: And we're now trading about thirty six three hundred and
Speaker 14: sixty nine thousand the end of the dollar. I think
Speaker 14: it's going to six hundred thousand the end of the
Speaker 14: dollar over the course of the next two or three
Speaker 14: years now.
Speaker 2: We haven't heard any confirmation from the Japanese government that
Speaker 2: there was intervention last week, but we've seen some comparisons
Speaker 2: of Bank of Japan accounts that indicated are you thinking
Speaker 2: that the Bank of Japan could intervene once again?
Speaker 14: They'll try to stop it at one sixty one more time,
Speaker 14: but I think they'll give up at that point, and
Speaker 14: once we trade one sixty ten and go through the
Speaker 14: one sixty level, that that frees you up to take
Speaker 14: to go to dramatically new lower levels for the end,
Speaker 14: new higher levels for the dollars. So I think they'll
Speaker 14: be intervening one more time to prove that they're there.
Speaker 14: But as I said, if I've learned anything in fifty
Speaker 14: years or trading, it's that intervention to support a currency
Speaker 14: usually fails. Intervention to weakener currency almost always succeeds. They'll
Speaker 14: try once more to stem the ends of weakness, but
Speaker 14: they will fail very badly at that attempt, No question about.
Speaker 2: It now, last minute or so. Dennis is the chairman
Speaker 2: of a university endowment. I wonder what you make of
Speaker 2: these growing campus protests and calls for universities to divest
Speaker 2: from Israel. Given what's going on in Gaza, your comments
Speaker 2: on that.
Speaker 14: As long as I remain the chairman of the University
Speaker 14: of Acrons Endowment, we will avoid doing anything that protesters
Speaker 14: demand of us. And I think that we should pay
Speaker 14: attention to what Ben Sasse, the President of the University
Speaker 14: of Florida said, adults are back in the room, and
Speaker 14: we need to prove that we are stronger than the protesters.
Speaker 14: So free speech is important, but free speech that goes
Speaker 14: across the line should be avoided at all costs. And
Speaker 14: like I said, as long as I remaina chairman of
Speaker 14: the University of Akrons Endowment, I will argue against disinvestment,
Speaker 14: no question about that.
Speaker 2: And just quickly, is it possible to divest from Israeli
Speaker 2: interests in terms of a university endowment?
Speaker 14: I think it's nigh upon impossible. The far reaches of
Speaker 14: international capitalism make it difficult to divest. I think it's
Speaker 14: a and ill advised and naive expectation on the part
Speaker 14: of the protesters. It just won't happen.
Speaker 2: This is Bloomberg day Break Today, your morning brief on
Speaker 2: the stories making news from Wall Street to Washington and beyond.
Speaker 1: Look for us on your podcast feed at six am
Speaker 1: Eastern each morning on Apple, Spotify, and anywhere else you
Speaker 1: get your podcast.
Speaker 2: You can also listen live each morning starting at five
Speaker 2: am Wall Street Time on Bloomberg eleven three to zero
Speaker 2: in New York, Bloomberg ninety nine one in Washington, Bloomberg
Speaker 2: one oh sixty one in Boston, and Bloomberg ninety sixty
Speaker 2: in San Francisco.
Speaker 1: Our flagship New York station is also available on your
Speaker 1: Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus.
Speaker 2: Listen coast to coast on the Bloomberg Business app, SERIUSXM,
Speaker 2: the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan
Speaker 2: Hager and I'm Karen Moscow.
Speaker 1: Join us again tomorrow morning for all the news you
Speaker 1: need to start your day right here on Bloomberg Daybreak